Business Activity Statements (BAS)

If you have business and also registered for GST, You need to lodged a Business activity statement.

Your BAS will report ATO and help to pay.

If you have a business registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

  • goods and services tax (GST)
  • pay as you go (PAYG) instalments
  • PAYG withholding tax
  • other taxes.

For registration of GST, you need Australian business number (ABN) n you register for an Australian business number (ABN)  and once you register with GST, ATO will automatically send you a BAS when it is time to lodgement.

How to lodge your BAS

Tax payers have a lot of options to lodge your BAS and register your GST through ATO. 

Most businesses prefer to lodged their BAS through online rather than other options. If you missed or not lodged on time. The penalty may apply on due lodgement through ATO.Even if you are not able to pay, You need to lodge on time to avoid penalty.

Due dates for lodging and paying your BAS

If you lodged your GST, the due date for lodging and payment due is available in your business activity statement (BAS).

In some cases the due date is the weekend or the day of public holiday, you can lodge by the next business day to do the lodgement.

Your GST reporting and payment cycle is listed below and you can do any either:

  • Quarterly – If your company GST turnover is $20 million or less- no need to do a report monthly.
  • Monthly – if your company or other GST turnover is $20 million or more.
  • Annually – if you are voluntarily registered for GST and your GST turnover is below $75,000  and $150,000 for not-for-profit bodies
  • A registered tax or BAS agent can help you lodge your activity statements.

You can put reminder for lodgement or our tax advisor team will help to  remind you to do lodgement for GSt return. Also, you can set reminder through ATO app.

In some cases like if some event happened like natural disaster, Tax payers may have different due date.See also:

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Overview of record-keeping rules for business

Ato will required to keep record for all transaction relating your tax and superannuation as you will be start your business or sale or close your business:

  • Taxpayer need to keep record for  your business’s income and expenses
  • Business documents includes election, choice, estimate, determination or calculation you make for your business’s tax and super affairs

To meet your record-keeping requirements and avoid mistakes and errors,  ensure you understand what records are important to claim in your business return and what not. As your business changes or grows, you may need to review what records you need to keep accordingly and claim easily.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Withholding at Business Transaction

In Electronic Income tax return 2018, the clients need to declare their income from 1st July 2017 to 30th June 2018.  As of this, you can lodge your 2018 tax with us where you don’t have to worry about downloading this software or putting your precious time sorting out your tax return, or getting to open my govt account and linking to e-tax. You don’t have to go through lengthy process, you just simply pass these numbers to our qualified Accountant and he will do the job for you in minimum time with maximum benefit for you.

Lodging tax 2018 from us, you will get faster and simpler online tax return with all the expertise our accountant will get it for you, for your benefit. And ensure all the return are verified by certified and registered tax accountant.

For our customers, we will be open 7 days during the peak month i.e. June, July and August and don’t worry about our professional fee, you have the option to deduct our fee with the refund you get from your tax return which will be deductible in your next your tax return.

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

We also have our separate department for Home loan, refinancing, car & truck loan.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Deduction for Business Income

If you are running Business like courier, UBER, retail shop, real estate agency or any other small business – there are some deductions which can be claimed.

These are rent paid, Interest on Loans, cleaning, salary, superannuation paid, accountant fees, contract payments, depreciation, marketing expenses, legal fees, subscriptions, car fuel , travel expenses and any other expense which is incurred to produce business income.

For more information on Etax, myTax ATO, myGov and online tax return, please contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Overnight Business Travel Expenses – Tax Refund On Spot

If you stay away from home for one or more nights on business travel, you usually need to keep written evidence of all expenses.

If you were away from home for six or more consecutive nights, you must use a diary or similar document to record the facts of each business activity before your travel ends, or as soon as possible afterwards. You must record:

  • the nature of the activity
  • the day and approximate time the business activity began
  • how long the business activity lasted
  • the name of the place where you engaged in the business activity.

Employees who travel for less than six nights in a row don’t need to keep receipts unless their travel allowance exceeds the Commissioner’s reasonable travel allowance limits.

If you function your business as a company or trust, fringe benefits tax may apply if the travel includes private activities.

The tax and superannuation systems are respected community assets that support the Australian way of life. Australians show their support for these systems by voluntarily meeting their tax obligations – lodging returns and other reports on time and paying the true amount of tax.

However, a small percentage of people intentionally and dishonestly break the law to avoid paying their fair share or to claim refunds or other payments they are not allowed to. These people cheat the whole community. In fairness to the rest of us and to maintain group of people confidence in the tax system, we are strongly loyal to effectively tackling tax crime.

The tax and superannuation systems are appreciated community assets that support the Australian way of life. Australians show their support for these systems by voluntarily meeting their tax obligations – lodging returns and other reports on time and paying the right amount of tax.

However, a small percentage of people deliberately and dishonestly break the law to avoid paying their fair share or to claim refunds or other payments they are not entitled to. These people cheat the whole community. In fairness to the rest of us and to maintain community confidence in the tax system, ATO are strongly committed to effectively tackling tax crime.

Using complicated intelligence capabilities and collaborating with partner agencies nationally and internationally, ATO pay particular notice to key areas where there are higher risks, including offshore secrecy arrangements, refund fraud, ‘phoenix’ behavior, identity crime and organized crime.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au

Selling or Closing Your Business

There are a number of tax matters you may require to deal with if you:

  • register a business but don’t really start the business
  • change your business entity type because you simplified your business
  • stop working your business
  • sell the business
  • Wind up your company.

These tax matters may include:

  • cancelling your Australian business number (ABN) and other registrations
  • lodging and paying any outstanding action statements and installment notices
  • making goods and services tax (GST) adjustments on your final activity statement
  • Lodging final tax returns.

You should also check whether your state or territory government has any extraordinary requirements.

If your business exit is planned, we have found that leaving a business is less dangerous if you work with your tax consultant to address the taxation issues of an exit strategy or succession plan well before leaving the business.

You may have to pay GST or capital gains tax on some of all of the business assets you sell, including land or buildings, or intangible assets, such as patents, licenses or goodwill. Some exceptions and concessions apply.

You must cancel your GST registration within 21 days of ceasing business, and your ABN within 28 days. If your business starts to deal again in the future, or you start a new business and your business organization remains the same, you can apply to have your ABN reactivated.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au